US President Donald Trump said talks with Iran over an interim peace deal will “work out well,” even as the countries’ forces clashed again near the Strait of Hormuz.
The US and Iran have reached a tentative deal to extend a ceasefire by 60 days and launch further talks on Tehran’s nuclear program, a person with knowledge of the matter said, raising hopes the three-month conflict could be nearing a resolution.
The US and Iran exchanged fire in a flareup of violence on Monday that also drew in the United Arab Emirates, prompting calls for renewed strikes on Iranian targets and casting doubt on the fate of a four-week ceasefire.
Iran’s parliament speaker pushed back at U.S. claims of energy leverage on Sunday, arguing Tehran still holds unplayed supply cards as Strait of Hormuz oil exports remain 95% below normal flows.
Oil rose as peace negotiations between the US and Iran stalled, with both sides using blockades of the vital Strait of Hormuz to try and gain leverage in a seven-week war that has upended global energy markets.
Treasury Secretary Scott Bessent reaffirmed that the US would not renew general licenses that allowed for the temporary sale of certain Russian and Iranian crude.
Oil prices surged by more than 7% back above $100 a barrel on Monday after US President Donald Trump ordered the blockading of Iranian ports following the failure of peace talks between Washington and Tehran.
The US and Iran agreed to a two-week ceasefire in exchange for Tehran reopening the Strait of Hormuz, a last-ditch deal that averted President Donald Trump’s threatened escalation of the war.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by a staggering 10.263 million barrels in the week ending March 27. In the week prior, US crude oil inventories rose by 2.3 million barrels. Analysts had expected a draw of 1.3 million barrels in the current reporting period.
The exemption covers all activities and requires mitigation measures to avoid or minimise environmental impacts, as detailed in prior opinions.